Solid State Cooling Market 2024 - Emerging Trends, Growth Potential, Revenue Analysis And Business Outlook till 2033

Overview and Scope

Solid-state cooling is a cooling technology that utilizes solid-state materials (typically semiconductors) to transfer heat from one place to another, achieving cooling effects without the need for traditional refrigerants, compressors, or moving parts found in conventional refrigeration systems. This technology often relies on the Peltier effect, which is the phenomenon where an electric current flowing through two different conductive materials (joined at two junctions) can create a temperature difference between those junctions.

Sizing and Forecast

The solid-state cooling market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.73 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%.  The growth in the historic period can be attributed to increasing awareness of the environmental impacts, the need for reliable and durable cooling solutions, the rise in the adoption of electric vehicles, the rapid growth of consumer electronics, and the rise of industrial automation.

The solid-state cooling market size is expected to see rapid growth in the next few years. It will grow to $1.15 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.  The growth in the forecast period can be attributed to increasing investment in research and development, expansion of data centers, stricter regulations on energy consumption, increasing use of thermoelectric coolers, and rising demand for advanced cooling solutions in the military and aerospace sectors. Major trends in the forecast period include advancements in thermoelectric materials, developments in materials science, advancements in semiconductor technology, development of electric and hybrid vehicles and enhanced reliability and lifespan of solid-state cooling devices.

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Segmentation & Regional Insights

The solid state cooling market covered in this report is segmented –

1) By Type: Single Stage, Multi Stage, Thermocycler

2) By Technology: Thermoelectric Cooling, Electro-Caloric Cooling, Magneto-Caloric Cooling, Other Technologies

3) By Product: Refrigeration System, Refrigerators, Freezers, Cooling System, Air Conditioners, Chillers

4) By End User: Medical, Automotive, Consumer, Semiconductor And Electronics, Other End Users

North America was the largest region in the solid state cooling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state cooling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in demand for electric vehicles is expected to propel the growth of the solid-state cooling market going forward. Electric vehicles (EVs) are automobiles powered by electric motors and batteries rather than internal combustion engines. The demand for electric vehicles is due to improving environmental sustainability, lower operating costs, government incentives, battery technology advancements, and growing charging infrastructure. Solid-state cooling in electric vehicles offers efficient thermal management without traditional refrigerants, enhancing battery life and performance through compact, reliable technology. For instance, in October 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses, and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Also, the market share of electric trucks in China rose from 1.5% in 2021 to 3.9% in 2022, indicating a substantial increase within one year. Therefore, the expansion of electric vehicles is driving the growth of the solid-state cooling market.

Key Industry Players

Major companies operating in the solid state cooling market are  Komatsu Ltd., TE Connectivity Ltd., LG Innotek, Delta Electronics Inc., AMS Technologies AG, Coherent Corporation, Ferrotec Holdings Corporation, Wakefield-Vette Inc., Laird Thermal Systems Inc., Phononic Inc., CUI Inc., RMT Ltd., Crystal Ltd., INHECO Industrial Heating & Cooling GmbH, Kryotherm Co., P&N Technology Co. Ltd., Everredtronics Ltd., Align Sourcing LLC, Hi-Z Technology Inc., Merit Technologies LLC, Micropelt GmbH, TEC Microsystems GmbH, TECA Corporation, Thermal Electronics Corp., Thermion Inc.

The solid state cooling market report table of contents includes:

1. Executive Summary

2. Solid State Cooling Market Characteristics

3. Solid State Cooling Market Trends And Strategies

4. Solid State Cooling Market - Macro Economic Scenario

5. Global Solid State Cooling Market Size and Growth

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32. Global Solid State Cooling Market Competitive Benchmarking

33. Global Solid State Cooling Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Solid State Cooling Market

35. Solid State Cooling Market Future Outlook and Potential Analysis

36. Appendix

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